Sky Protocol (ex-MakerDAO) Review 2026: Walkthrough with Live Rates
Who this guide is for: people who hold stablecoins and want to know what Sky.money offers, what the rates really are today, and what risks come with each product.
What we tested (5 Nov 2026): the Sky.money landing page, the app at app.sky.money (Earn, Stake SKY, Convert, Portfolio), the info dashboard, DeFiLlama and CoinMarketCap. We used desktop (1440 x 900), tablet (1024 x 1366) and phone (430 x 932) screens and read every number from a screenshot.
What we did NOT test:
- No wallet was connected. We did not supply, borrow, convert or stake anything.
- The wallet-connect step is shown up to the wallet list only. Steps after that are explained from the app layout.
- Fees are only those shown in the app or on DeFiLlama on our capture date.
What is Sky? (Plain English)
Sky is the new name of MakerDAO, the protocol behind the DAI stablecoin. Today it runs a stablecoin called USDS and lets you:
- put USDS into Sky Savings (sUSDS) and earn the Sky Savings Rate,
- take part in stUSDS, a higher-rate, higher-risk product,
- lock in a Fixed Yield through Pendle,
- stake the SKY token to earn rewards and borrow USDS,
- convert between USDC, USDS and other stablecoins at a fixed 1:1 rate.
Important detail from the landing page footer: Sky.money is a non-custodial interface operated by Skybase International, an independent Sky Agent, which says it does not control the Sky Protocol smart contracts or ecosystem governance.
Background: from MakerDAO to Sky
The rebrand is confirmed by the CoinMarketCap banner and the app header we captured on 5 Nov 2026; the rest of this section explains the mechanism in general terms.
Sky is the new name of MakerDAO, one of the oldest DeFi protocols and the issuer of the DAI stablecoin. It lets people lock collateral, borrow a dollar-pegged coin against it, and pay a stability fee. The project has since rebranded to Sky: the DAI stablecoin gained a newer sibling, USDS, and the governance token MKR can be converted to SKY. CoinMarketCap still shows a banner that Maker (MKR) was rebranded to Sky (SKY). The app header says "Operating for 8 years".
The plain-English analogy
Sky is a non-bank that issues digital dollars. Instead of holding your deposit, it creates a dollar coin when someone locks up collateral (crypto or other assets) worth more than the loan. Interest from borrowers, plus income from the collateral the system holds, funds the Sky Savings Rate: if you hold sUSDS you earn a share. That is why the headline on the landing page, "Stablecoins aren't built to sit still", is about putting dollars to work.
The tokens you will see
| Token | What it is | Why it exists |
|---|---|---|
| USDS | The upgraded stablecoin, $9.59B in circulation | The dollar coin you spend, hold or deposit |
| DAI | The older stablecoin, convertible to USDS on the Convert page | Legacy users |
| sUSDS | Savings version of USDS (the "Sky Savings Rate") | Earn the base rate; $4.5B savings TVL |
| stUSDS | Higher-yield, higher-risk "risk capital" token (6.58%) | For users who accept more risk |
| SKY | Governance token ($0.06792) | Voting and staking; staking pays 5.33% |
| MKR | The old governance token | Convertible to SKY |
The risk ladder: Core, Medium, Advanced
The Earn table has a risk filter, and it is the most useful tool on the page. In plain language:
- Core (lowest risk): Sky Savings Rate at 3.80% on $4.5B. This is the base product and has "unlimited" liquidity on the details page.
- Medium: Products tied to other protocols, such as Vaults running on Morpho (up to 4.98%) or Fixed Yield at 6.00% until 26 November 2026.
- Advanced: stUSDS at 6.58% with 92.22% utilization and only $13.59M of liquidity out of $174.86M TVL. The risk bar is red.
The pattern is simple: more yield means more risk, less liquidity, or a time lock. Fixed Yield at 6.00% ends on 26 November 2026, so a rate that looks higher than the 3.80% base is a short-dated product, not a permanent rate.
Stake SKY and borrow USDS
If you stake SKY, the app shows a 5.33% reward rate and a 7.51% borrow rate, with 17,430,766,248 SKY staked and TVL of $1,183,873,424. The borrow side is 92.2% utilized, which means most of the available USDS is already borrowed. High utilization can restrict withdrawals and raise rates. The staking reward is paid in tokens whose price can move, so treat 5.33% as a variable number.
Live Numbers (5 Nov 2026)
| Metric | Value | Where we saw it |
|---|---|---|
| USDS in circulation | $9.59B | App header |
| USDS supply / collateral | 9.58B / $16.02B | Landing |
| USDS total supply | 9,495,629,912.32 | info.sky.money analytics |
| Sky Savings Rate | 3.80% APY | App and landing |
| sUSDS supply / savings TVL | 4.50B / $4.5B | Landing, Earn table |
| stUSDS rate / supply | 6.58% / 161.52M | Landing |
| Fixed Yield | 6.00%, matures 26 Nov 2026 | App |
| SKY staking rate | 5.33% | App |
| TVL (DeFiLlama) | $5.089B | DeFiLlama |
| Fees / revenue, last 30 days | $28.55M / $13.35M | DeFiLlama |
| Revenue to holders, 30 days | $5.58M | DeFiLlama |
| Annualized earnings | $190.04M | DeFiLlama |
| SKY price | $0.06792 (+4.44% 24h) | CoinMarketCap |
| SKY market cap / FDV | $1.59B / $1.59B | CoinMarketCap |
| CMC rank | #48 | CoinMarketCap |
| Circulating / max supply | 23.42B / 23.46B SKY | CoinMarketCap |
| Holders | 17.07K | CoinMarketCap |
| CertiK rating | 4.5 | CoinMarketCap |
How Sky.money Looks on Your Device
Desktop (1440 x 900)
Sky.money app on desktop.
What you see: Earn page. Top menu: Portfolio, Earn, Stake SKY, Convert, and a Connect Wallet button. Badges: "$9.59B in circulation" and "Operating for 8 years". Two featured cards: Sky Savings (3.80%) and Fixed Yield (6.00%, matures 26 Nov 2026, powered by Pendle).
Tablet (1024 x 1366)
Sky.money app on tablet.
What you see: Tablet keeps the same top menu and cards, then shows the start of the Earn Opportunities table with Token, Network, Risk profile, Rate, 30D Rate, TVL and My position columns.
Phone (430 x 932)
Sky.money app on phone.
What you see: On a phone the menu moves to a bottom bar (Portfolio, Earn, Stake, Convert) and the cards stack in one column.
Earn table on phone.
What you see: The Earn table becomes a list: each row shows the product and its rate, with an arrow to expand. Three filters (network, stablecoin, product) sit above it.
Sky Savings on phone.
What you see: A product page on a phone: "Supply stablecoins at 3.80% APY", the current rate, idle balance, and a big Supply button.
Landing Page
Headline: "Stablecoins aren't built to sit still".
What you see: Four rates under the button: Sky Savings Rate 3.80%, stUSDS 6.58%, Fixed Yield 6.00%, Vaults up to 4.98%.
"How hard your stablecoins work is up to you". sUSDS is described.
What you see: "How hard your stablecoins work is up to you". sUSDS is described as the world's largest yield-bearing stablecoin, with total sUSDS supply of 4.50B. Fixed Yield and Vaults cards below.
More landing products.
What you see: Fixed Yield 6.00% (Nov 26th) and Vaults up to 4.98% (running on Morpho). stUSDS: "advanced risk capital", 6.58% APY, supply 161.52M. Sky Ecosystem Rewards: SPK 3.55%, GROVE 5.75%.
"1:1 USDC to USDS conversion.
What you see: Both ways": no fees, no slippage. USDS supply 9.58B, USDS collateral $16.02B.
"SKY: Vote, Stake, Borrow." SKY price $0.0679, market cap $1.59B, stake rate 5.33%.
What you see: Below it are "Sky.money Highlights" articles.
Educational articles dated 2 Nov, 23 Oct and 16 Oct 2026.
What you see: Educational articles dated 2 Nov, 23 Oct and 16 Oct 2026, an email sign-up, and the footer that names Skybase International as the operator of the interface.
Core Features
1. Portfolio (before connecting)
Portfolio shows a "Connect your wallet to see your balances" banner, then three "Earn.
What you see: Portfolio shows a "Connect your wallet to see your balances" banner, then three "Earn with Sky" cards: sUSDS (3.80%), Vaults (up to 4.98%) and Stake SKY (5.33%), each with a risk bar.
2. Earn: all products in one table
Earn Opportunities with filters for risk (Core, Medium, Advanced), network, stablecoin and product.
What you see: The Earn Opportunities list can be filtered by risk level (Core, Medium, Advanced), network, stablecoin and product. I start with the Core filter, because the label tells me which options are meant to be lower risk.
Earn opportunities, lower half.
What you see: The rest of the table, ending in stUSDS. The page footer links Terms of Use, Privacy Policy and User Risk Documentation.
| Product | Rate | 30D rate | TVL |
|---|---|---|---|
| Sky Savings Rate | 3.80% | 3.80% | $4.5B |
| SPK Rewards | 3.55% | 3.93% | $550.77M |
| GROVE Rewards | 5.76% | 5.80% | $154.98M |
| Chronicle Points Rewards | – | – | $16.12M |
| USDT Savings | 3.66% | 3.44% | $58.21M |
| USDS Flagship | 4.98% | 5.06% | $31.64M |
| Fixed Yield (26 Nov 2026) | 6.00% | 5.41% | $61.49M |
| USDS Risk Capital | 3.77% | 3.70% | $1M |
| USDT Risk Capital | 1.63% | 1.66% | $265.52K |
| USDC Risk Capital | 3.29% | 3.94% | $6.9M |
| stUSDS | 6.58% | 6.22% | $174.82M |
The risk bar goes from green (low) through yellow to red. Sky Savings is the greenest. The "Risk Capital" and stUSDS rows are red.
3. Sky Savings (sUSDS)
Sky Savings page.
What you see: "Supply stablecoins at 3.80% APY". sUSDS gives access to the Sky Savings Rate with instant liquidity and zero fees; the rate is variable and funded from the protocol surplus. A rate chart with 1W / 1M / 1Y / All tabs.
Sky Savings details.
What you see: Details: current rate 3.80%, 6M rate 3.62%, TVL $4,499,930,620, liquidity "Unlimited", users 6,112. Transactions list is empty until you connect.
4. stUSDS (higher rate, higher risk)
"Supply USDS at 6.58%".
What you see: It pays a variable rate from participating in SKY-backed borrowing, and the page warns that "withdrawals may be delayed during periods of high utilization".
Details: current rate 6.58%, 30D rate 6.22%.
What you see: Details: current rate 6.58%, 30D rate 6.22%, TVL $174,855,388, liquidity $13,590,239, utilization 92.22%, users 632. Risk profile bar is red.
Plain reading: only $13.6M of liquidity is available against $174.9M in the product, so a large exit could be delayed. That is the trade for the higher rate.
5. Stake SKY and borrow USDS
"Stake SKY to accrue rewards, delegate votes and borrow USDS".
What you see: Staking reward rate 5.33%, minimum borrow 30,000 USDS. Tabs: Overview and My positions. The page says you can unstake anytime, with no lockup period.
SKY staking details.
What you see: Staking reward rate 5.33%, borrow rate 7.51%, total SKY staked 17,430,766,248, TVL $1,183,873,424, capped OSM SKY price $0.0250, 3,177 users. Borrow utilization 92.2%: 161,265,153.71 USDS borrowed, 13,588,831.15 available. Links to the contract and governance.
6. Convert
"Convert stablecoins": 1:1 exchange rate and "$0.00 fees paid".
What you see: Pick a network (Ethereum), From (USDC) and To (USDS), then Review. Conversions settle at a fixed 1:1 rate with no fees and no slippage.
7. Info dashboard
Sky Ecosystem info dashboard.
What you see: info.sky.money: "independent analytics for education only", not an offer. Total supply 9,495,629,912.32; Savings TVL $4.69B (APY 3.8%); Rewards TVL $731.12M (APY 5.76%); price-to-earnings ratio 9.71 (SKY $0.068, market cap $1.59B). Collateral diversification chart covers Obex, Stablecoins, Staking Engine, Grove, Legacy RWA, Core, Spark and Osero.
Info dashboard revenue.
What you see: Projected gross revenue $374.36M and projected net revenue $163.59M. SKY staking APY 5.33%, daily distributions $161.73K and yearly distributions $59.03M.
Market Data
SKY on CoinMarketCap.
What you see: CoinMarketCap: Sky (SKY) #48, $0.06792, market cap $1.59B, FDV $1.59B, holders 17.07K, CertiK 4.5. A banner reminds you that Maker (MKR) was rebranded to Sky (SKY).
Sky on DeFiLlama.
What you see: DeFiLlama: TVL $5.089B, fees 30d $28.55M, revenue 30d $13.35M, holders revenue 30d $5.58M, incentives 1y $2.39M, annualized earnings $190.04M, collateral liquidated 30d $0, staked $690.85M (43.61% of market cap), treasury $128.66M, total raised $54.5M. A headline in the page says annual fees are $342.6M against $160.4M revenue.
Docs
Sky Ecosystem docs.
What you see: The Sky Ecosystem docs have sections for Quick Start, Guides (Peg Stability Modules, SkyLink, SKY, Upgrades), Protocol Documentation, Deep Dives, Security & Risk and Archive. The home page lists GitHub, Chainlog, Portal, Voting and Info Dashboard links.
Fees
- Sky Savings: "instant liquidity and zero fees" (from the app).
- Convert: 1:1 rate, $0.00 fees, no slippage (from the app).
- SKY staking: no lockup shown; borrowing costs the borrow rate of 7.51% (from the app).
- Ethereum gas: you pay it for each transaction. We did not measure it.
- Anything else, such as ecosystem partner fees on Vaults, was not on the pages we saw.
How to use Sky: step-by-step tutorial (earning the savings rate)
I went through the live Sky.money app in a clean browser on 5 November 2026: the home page, Earn, Savings, Convert, Stake SKY and Portfolio, plus the wallet window. I did not connect a wallet or move any funds, so the last click of each flow is marked (Not verified).
Step 1: Start on sky.money
First, I type sky.money myself. Sky is the new name of the older Maker project, and old addresses and fake "upgrade" pages are a known risk.
The homepage.
What you see: The headline reads "Stablecoins aren't built to sit still" with a "Launch App" button. Four small figures sit at the bottom left: Sky Savings Rate 3.80% APY, stUSDS 6.58% APY, Fixed Yield 6.00% APY and Vaults up to 4.98% APY.
I note that four different numbers are shown. They are four different products, not four views of the same one.
Step 2: Open the app and see the Earn page
Next, I press Launch App.
Sky app Earn page.
What you see: The Earn page. The headline says "How hard your stablecoins work is up to you", with "$9.58B in circulation" and "Operating for 8 years" above it. Two cards: Sky Savings at 3.80% (variable) and Fixed Yield at 6.00% with a maturity date of 26 Nov 2026. Each card has a Supply button. The top menu has Portfolio, Earn, Stake SKY and Convert, plus a Connect Wallet button.
Which option should I pick? Sky Savings has a variable rate and no end date. Fixed Yield locks a rate until the maturity date and the card says that exiting early depends on the market price. For a first try, Sky Savings is the simpler one.
Step 3: Open Sky Savings
Then I click Sky Savings.
Sky Savings page.
What you see: The Sky Savings page. A "Current Rate" of 3.8% is shown with a chart that has 1W/1M/1Y/All buttons. The right side has a supply box titled "Supply stablecoins at 3.80% APY" with a Supply button, and a "Details" section below.
The rate is a number the Sky governance can change. The chart shows how it has moved, so I look at the longer view before I trust today's number.
Step 4: Connect a wallet
After that, I press Connect Wallet.
Sky wallet connection window.
What you see: A "Connect a wallet" window. It offers MetaMask, then "Other wallets" with WalletConnect and a "Search wallet" row. A line at the bottom says that by connecting you agree to Sky's Terms of Use and Privacy Policy.
- Choose your wallet and approve the connection.
- Go back to the Savings page and type an amount of USDS or another supported stablecoin.
- Press Supply, approve the token and confirm the transaction. (Not verified)
Step 5: Convert between stablecoins
Some people hold USDC and want USDS. For that I open Convert.
Sky Convert page.
What you see: "Convert stablecoins". Two lines say "1:1 Exchange rate" and "$0.00 Fees paid". A network selector shows Ethereum. A "From" box (USDC) and a "To" box (USDS) both show 0.00, and a Review button is at the bottom.
The 1:1 rate and zero fee are the promise on this page. I would still check the final amount in the review step before I confirm. (Not verified)
Step 6: Look at SKY staking
Next, I open Stake SKY.
Sky SKY staking page.
What you see: The "SKY Staking" page. A staking reward rate of 5.37% is shown with a chart. The right box says to stake SKY to accrue rewards, delegate votes and borrow USDS, with a minimum borrow amount of 30,000 USDS and an "Open a position" button.
This product is different from savings. You hold the SKY token, so the price risk of that token is yours.
Step 7: Check the portfolio page
Last, I open Portfolio.
Sky Portfolio page.
What you see: The Portfolio page. A box says "Connect your wallet to see your balances and get started". Under "Earn with Sky" are three cards: sUSDS (3.80%), Vaults (up to 4.98%) and Stake SKY (5.37%), each with an access button.
After a deposit I would come back here to see the balance and compare it with what I expected. Without a wallet it stays empty, so I could not test it.
What I could not verify: supplying funds, withdrawing, the Fixed Yield flow, and the real gas cost of each action.
Earn and Borrow Guides in Short
- Lowest risk rating in the app: Sky Savings, 3.80%. This uses only the app's own risk bar; we did not build our own risk ranking, and "lowest rated" does not mean risk-free.
- Fixed rate: Fixed Yield at 6.00% until 26 Nov 2026. The app says the rate applies only if you hold to maturity, and leaving early means selling at the market price.
- Higher rate, lower liquidity: stUSDS, 6.58%, with 92.22% utilization.
- Governance and borrowing: stake SKY at 5.33%, borrow USDS at 7.51%, minimum borrow 30,000 USDS.
Referral Program
We saw no referral program in the app or on the landing page.
Where the money comes from
DeFiLlama shows 30-day fees of $28.55M, revenue of $13.35M and $5.58M of revenue passed to holders, with annualized earnings of $190.04M. The info dashboard projects gross revenue of $374.36M and net revenue of $163.59M. Those two are projections, not results. The point: unlike many governance tokens in this series, SKY has a visible path from protocol earnings to holders (buybacks and distributions show in the info dashboard as $161.73K per day and $59.03M per year). That is an important difference for anyone who cares about the token rather than the stablecoin.
Security and peg risks
- Smart contract risk. The footer links "User Risk Documentation" and the docs have a Security & Risk section. Read the risk documentation before depositing.
- Collateral risk. The system holds a mix of assets. A fall in collateral prices can lead to liquidations; DeFiLlama showed $0 of collateral liquidated in 30 days.
- Peg risk. A stablecoin can trade slightly off $1 in a market shock. Use the Peg Stability Modules and Convert page only after you check the quote.
- Governance risk. Decisions are voted by SKY holders. Changes in rates and collateral rules can alter the yield.
- Interface risk. The app is operated by a separate company, while the protocol is on-chain.
- Liquidation risk for borrowers. If collateral prices fall fast, positions can be liquidated and the system can be left short of collateral. Check the collateral rules and liquidation settings before you borrow.
Competitors
Short descriptions of each stablecoin's design, not a ranking. We did not capture competitor pages, so the table has no rates or sizes. Each issuer explains its design in its own docs: Sky, Circle USDC, Ethena, Aave GHO. Live stablecoin sizes are listed on DeFiLlama Stablecoins.
| Stablecoin | Issuer type | Yield route | Source (checked 6 Nov 2026) |
|---|---|---|---|
| USDS / DAI | Decentralized, collateral-backed | Sky Savings Rate (sUSDS) | Sky developer docs |
| USDC | Centralized issuer | No native yield; any yield comes from third-party apps | Circle USDC |
| Ethena USDe | Synthetic dollar | Staking to sUSDe, with its own risks | Ethena docs |
| Aave GHO | Aave-native stablecoin | Staking and Aave markets | Aave GHO docs |
Other yield-bearing options include Ondo's treasury-backed tokens. Compare rate, backing and withdrawal terms side by side before choosing.
FAQ
What is the difference between DAI and USDS? USDS is the newer coin; DAI can be converted on the Convert page.
Is 3.80% fixed? No. It is the current rate and the 6-month rate was 3.62%.
Why does Fixed Yield show 6.00%? It matures on 26 November 2026 and the rate is for that term.
What is the highest-risk option? stUSDS, rated "advanced risk capital".
Can I lose money in sUSDS? Yes, through smart contract failure or a serious system problem, although the savings product is the lowest-risk tier.
Does SKY pay holders? DeFiLlama shows $5.58M of holder revenue in 30 days.
Where are the docs? The developers site lists Quick Start, Guides, Protocol Documentation, Deep Dives, Security & Risk and Archive.
Audits and security notes from the site
Seen on screen: a CertiK rating of 4.5 on CoinMarketCap; a "User Risk Documentation" link in the app footer; a risk bar on every product; a warning about delayed withdrawals on stUSDS; a Cookiebot cookie banner on the landing page; and a clear note that Skybase International runs the interface, not the protocol.
Not tested: smart contract audits and governance mechanics. We did not read them.
Risks to keep in mind: variable rates, stUSDS liquidity, USDS being a stablecoin that can lose its peg, smart contract bugs, and the fact that a large part of collateral sits in off-chain or partner assets.
Pros and Cons
Pros
- Clear Earn table with rate, 30-day rate, TVL and risk bar for each product.
- Zero-fee, 1:1 Convert page.
- Real numbers shown without a wallet (TVL, users, utilization).
- No lockup on SKY staking.
- Works well on phone with a bottom menu.
Cons
- stUSDS has only $13.6M liquidity against $174.9M supplied.
- SKY staking borrow utilization is 92.2%.
- The interface is run by a separate company, not by the protocol.
- Rates are variable and Fixed Yield only pays fully to maturity.
- Some key numbers (SKY price and APY) move quickly.
Verdict: 8.0 / 10
Sky.money is a clean, honest interface for a very large stablecoin protocol. The supply figures on the app header ($9.59B), the landing page (9.58B) and the info.sky.money analytics page (about 9.50B) were close but not identical on the same day. We captured them at different times and did not check whether each page counts the same thing (for example, whether USDS deposited in savings is included), so read them as about $9.5B rather than an exact figure. The app also tells you where risk sits. We rate it for what we could see without a wallet: a well-built product with a clear structure. The score drops for the thin stUSDS liquidity and because we could not test the transaction flow.
Quick Links
| Resource | Link |
|---|---|
| App | https://app.sky.money |
| Website | https://sky.money |
| Info dashboard | https://info.sky.money |
| Docs | https://developers.skyeco.com |
| CoinMarketCap | https://coinmarketcap.com/currencies/sky/ |
| DeFiLlama | https://defillama.com/protocol/sky |
Not financial advice. Stablecoin yields are variable and carry smart contract, peg and liquidity risk. Data captured 5 Nov 2026; no wallet connected and no transactions made.
